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As bitcoin soars Chinese cryptocurrency asset managers look abroad
- Tuesday | 24th November, 2020
SHANGHAI/HONG KONG (Reuters) – As the price of bitcoin soars, Chinese cryptocurrency asset managers are looking to expand in places such as Hong Kong and Singapore, skirting an intensified crackdown at home. This month, Babel Finance, a Hong Kong-based cryptocurrency financial services provider founded by Chinese entrepreneur Flex Yang, applied for an asset management license in the city, Yang said. Gordon Chen, a former bitcoin trader in Beijing co-founded cryptocurrency asset manager GMR in Singapore last year, betting on growing demand from high-net-worth individuals and institutional investors. Chen, who currently manages over $20 million of bitcoin assets, said he chose Singapore because of its regulatory structure. “Whether it’s in the US or Singapore, digital currency business is being increasingly regulated.”Singapore-based Onchain Custodian, which counts Chinese conglomerate Fosun as an investor is expanding too – even in China.
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